«The arguments for a bailout to avoid systemic collapse are of course genuine and persuasive, but so are the arguments for aid and against standing by and allowing a child to die every 3 seconds, or a woman to die in childbirth every minute. To put the proposed Wall Street bailout into perspective. $700bn:
· Would clear the accumulated debt of the 49 poorest countries in the world ($375bn) twice over
· Is almost 5 times the annual amount of extra aid needed to achieve all the Millennium Development Goals on poverty, health, education etc ($150bn a year)
· Is about 7 years of current global aid levels ($104bn in 2007)
· Is enough to eradicate all world poverty for over two years (UNDP calculates it would take $300bn to get the entire world population over the $1 a day poverty line).
On the other hand it’s
· only a quarter of the cost of the Iraq war ($3 trillion on Joseph Stiglitz’ calculation )
· a half of annual global military spending ($1339 bn)
Head of Research for Oxfam GB and author of 'From Poverty to Power'